AUD/USD managed a brief dip below $0.9358 that was quickly reversed with bulls eventually asserting dominance with fresh 2 month highs and a relatively bullish close. Focus is firmly on the 2014 highs with bulls targeting a break above while the $0.9348 level supports. Bears look for a close below this level to confirm an easing of bullish pressure whereas a close below the 21-DMA confirms a shift in focus back to the $0.9193-0.9233 region
RES 4: $0.9576 – 21 week upper Bollinger band
RES 3: $0.9549 – High Nov 6 2013
RES 2: $0.9461 – 2014 high Apr 10
RES 1: $0.9436 – High June 12
LPRICE: $0.9422
SUP 1: $0.9415 – Hourly support June 12
SUP 2: $0.9348 – Low June 12
SUP 3: $0.9318 – Low June 6
SUP 4: $0.9302 – 21-DMA
NZD/USD briefly dipped below the previous support at $0.8521 before aggressively reversing the move lower before pausing ahead of the $0.8694 May 15 high. Initial support is noted on the hourlies at $0.8666 but bears will be looking for a close below $0.8601 to ease the renewed bullish pressure whereas a close below Thursday’s low is needed to shift overall focus lower. Bulls currently target the 2014 highs while $0.8601 supports
RES 4: $0.8848 – Weekly trend line projection
RES 3: $0.8818 – 21 week upper Bollinger band
RES 2: $0.8779 – 2014 High May 6
RES 1: $0.8743 – High May 7
LPRICE: $0.8685
SUP 1: $0.8666 – Hourly support June 12
SUP 2: $0.8601 – Hourly support June 12
SUP 3: $0.8517 – Low June 12
SUP 4: $0.8496 – 100-DMA
The up-trend has well and truly come to an end following Thursday’s sharp move lower that has seen the AUD/NZD close below the 200 & 21-DMA’s and briefly dip below the 55-DMA. Initial resistance is noted on the hourlies at NZ$1.0867 but bulls need to see a close back above NZ$1.0901 to ease the bearish pressure and a close above NZ$1.0950 to shift focus back to June monthly highs. Bears are firmly focused on the 100-DMA then NZ$1.0747.
RES 4: NZ$1.0994 – High June 11
RES 3: NZ$1.0950 – Previous hourly support now resistance
RES 2: NZ$1.0901 – Hourly resistance June 12
RES 1: NZ$1.0867 – Hourly resistance June 12
LPRICE: NZ$1.0837
SUP 1: NZ$1.0809 – Low June 12
SUP 2: NZ$1.0786 – 100-DMA
SUP 3: NZ$1.0747 – Low May 21
SUP 4: NZ$1.0648 – Monthly Low May 6
AUD/JPY managed a brief dip below the previous initial support but fell short of the 55-DMA support before correcting sharply higher. Daily studies are O/B and appear to be weighing a little with the recovery stalling ahead of the Y96.24 resistance. Bulls need a close above this level to kick start bullish momentum whereas bears need a close below the 55-DMA to confirm an easing of bullish pressure.
RES 4: Y98.16 – High May 29 2013
RES 3: Y97.90 – 21 week upper Bollinger band
RES 2: Y96.51 – 2014 high Apr 4
RES 1: Y96.24 – High Apr 23
LPRICE: Y95.82
SUP 1: Y95.62 – Hourly support June 12
SUP 2: Y95.21 – 55-DMA
SUP 3: Y94.86 – 21-DMA
SUP 4: Y94.26 – Hourly support May 29
The move lower continued on Thursday with the EUR/AUD trading at fresh 2014 and 7 month lows and managing another relatively bearish close. Initial resistance is now noted at Thursday’s high but bulls will need to see a close above the previous 2014 low at A$1.4511 to confirm an easing of bearish pressure. While this level caps bears will continue to focus on the A$1.4051 Nov 2013 monthly lows.
RES 4: A$1.4654 – 21-DMA
RES 3: A$1.4555 – Hourly resistance June 10
RES 2: A$1.4511 – Previous 2014 low now resistance
RES 1: A$1.4481 – High June 12
LPRICE: A$1.4413
SUP 1: A$1.4376 – 2014 Low June 12
SUP 2: A$1.4318 – Low Nov 20 2013
SUP 3: A$1.4144 – Low Nov 8 2013
SUP 4: A$1.4051 – Monthly Low Nov 7 2013
